Banking for the next generation

Why opening a bank account for your child builds financial confidence

Opening a bank account for your child helps them learn how to:

• Manage their own money
• Save for goals
• Use digital banking
• Spend responsibly

Guiding your child’s money habits from a young age gives them financial confidence long before adulthood.

How we help you guide your child and teens’ money habits

If your child is under 16, you can open a Main Account for them.

We also help young people learn with:

• MoneyUp Academy, our online learning platform where they can learn about saving, budgeting and using money in real life
• MyNext, our guide for Grade 11 and 12 learners to help them plan for life after school with tips on studying, handling stress and building smart money habits

Why our Main Account works for young people

Looking for a children’s or teen bank account? Our Main Account works for children and teens. It’s simple, affordable and easy to use – and they get the same value we offer everyone else.

They get:

• A safe way to learn about saving and spending
• A smooth upgrade to full ownership of their account at 16
• The same account as they transition into adulthood – no need to open a new one

Spending limits and parental controls

To help keep your child’s money safe, some features are limited until they upgrade to full access.

If you opened an account for your child, you can visit a branch to:

• Set spending limits
• View transactions
• Get statements
• Open up to 10 Savings Plans for your child

How to open an account for your child

You can open a Main Account for your child at a branch.

What you’ll need:

South African citizens or residents

As the parent or legal guardian, you need to bring:

• Your valid South African ID document, ID card or passport

As well as one of the following:

• Your child’s birth certificate that shows your full name and surname as per your ID or passport
• A court order or guardian appointment letter

Foreign nationals

As the parent or legal guardian, you need to bring one of the following:

• Your valid foreign passport 
• Your permanent residence permit or valid temporary work permit
• Your letter of authority confirming you are the parent or legal guardian

As well as:

• Your child’s valid foreign passport
• Your child’s permanent residence permit
• Your child’s unabridged birth certificate or an official document that shows your full name and surname as the parent or guardian

Upgrading to full ownership of their account at 16

At 16, your child can upgrade to full ownership of their account by visiting a branch with their South African ID and the parent or guardian linked to their account. 

If their account is not upgraded:

• They can still use the account
• It will be temporarily frozen at 18 until identity verification is completed